What is the #1 Ingredient when REAL Estate Investing?
With so many ideas, strategies, opinions, formulas, aspects of REAL Estate Investing one starting out can get really confused about where they should start. Do I wholesale? Do I Fix and Flip? Do I start with the BRRRR Method and what is the BRRRR Method?
Do I buy Local or out of state? Do I start with Income property? Should I buy Units to Live in one and Rent Out the others? Should I Buy & Hold? Should I Get a Mentor? Should I get a Real Estate License?
Should I join @BiggerPockets? Should I put it on a creadit card? Should I wait until the market crashes to buy? Should I sell now? Is the market softening? Should buy at full price? Should I scour the MLS for deals? Should I Door Knock? Should I send Out Mailers or some kind of Direct Marketing? Do I work with Realtors?
So MANY Questions! The Answer is YES!
However NOT all at once. For example when I got into REAL Estate Investing I was so excited to finally be back involved in real estate that I wanted to go where it would be most easy for me, my home town of Newark New Jersey. Why? It's where everybody knows my name and they're always glad I came lol but I was abruptly interrupted and told "NO WAY". You see I've been in Southern California for 19-years things have changed in REAL Estate since then.
Out of state was a NO NO according to my mentor. You see as a new real estate investor he said you want to focus in your own backyard first and if you can do real estate here in Southern California where you live you can do it anywhere. You need to first master it where you are now.
The other thing he said was I want you to figure out one area of real estate investing that you're really good at and Focus on it, master it and then if you're able you can go into another area of real estate investing but trying to everything at once will overwhelm you. I've actually found my niche but I will go over that in another discussion.
So the ANSWER to the QUESTION
Recap Question: What is the #1 Ingredient when REAL Estate Investing?
Answer: FINDING THE DEAL! anyone can find a house and pay top dollar but finding the deal is the key.
Whatever you decide to do, do it to the best of your ability and never quit. Remember WHY your doing it!
#liveonpurpose